GTA Realtors(R) Release Rental Market Report

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Greater Toronto Area REALTORS® reported 5,241 rental transactions involving condominium apartments through the TorontoMLS system in the third quarter of 2012. This result represented a three per cent increase compared to the third quarter of 2011. Over the same time period, the number of condominium apartments listed for rent increased by 18 per cent annually to 8,845.

"The high number of condominium apartment completions in the GTA in 2011 and the beginning of 2012 has been well-documented. Some of these newly completed units are owned by investors who have a longer term investment time horizon. These investors have chosen to rent their units out to generate cash flow," said Toronto Real Estate Board (TREB) President Ann Hannah.

One-bedroom and two-bedroom condominium apartments accounted for 95 per cent of rental transactions in the third quarter. Average rents were up on a year-over-year basis for both apartment types, increasing by almost 3.5 per cent for one-bedroom units and over two per cent for two-bedroom units.

"Rental market conditions remained tight in the third quarter, but average annual rent increases were not as strong compared to most of the previous year. Growth in rental listings outpaced growth in rental transactions over the past six months. Prospective renters had more units to choose from, which led to less upward pressure on rents," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Apartments
		All Bedroom Types				Bachelor				One-Bedroom				Two-Bedroom				Three-Bedroom
								Avg.				Avg.				Avg.				Avg.
		Listed		Leased		Leased		Rent		Leased		Rent		Leased		Rent		Leased		Rent
Q3 2012		8,845		5,241		119		$1,336		2,733		$1,605		2,250		$2,097		139		$2,660
Q3 2011		7,484		5,073		132		$1,278		2,647		$1,552		2,187		$2,053		107		$2,360
Yr. / Yr. % Chg.		18.2%		3.3%		-9.8%		4.6%		3.2%		3.4%		2.9%		2.2%		29.9%		12.7%

Townhouses
		All Bedroom Types				Bachelor				One-Bedroom				Two-Bedroom				Three-Bedroom
								Avg.				Avg.				Avg.				Avg.
		Listed		Leased		Leased		Rent		Leased		Rent		Leased		Rent		Leased		Rent
Q3 2012		808		416		4		$1,363		44		$1,390		134		$1,759		234		$2,014
Q3 2011		630		381		2		$1,325		34		$1,278		103		$1,677		242		$1,924
Yr. / Yr. % Chg.		28.3%		9.2%		100.0%		2.8%		29.4%		8.8%		30.1%		4.9%		-3.3%		4.7%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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